Legendary Trader Peter Brandt Updates Outlook on Shiba Inu (SHIB), Says Bitcoin (BTC) Can Go Lower After Calling Crypto Crash

Veteran trader Peter Brandt is offering up his latest take on Bitcoin (BTC) and Dogecoin (DOGE) competitor Shiba Inu (SHIB).

Brandt tells his 674,000 Twitter followers that SHIB has just completed an inverse head and shoulders (IH&S) pattern, a traditionally bullish formation that suggests the end of a downtrend.

Brandt suggests that SHIB is either on the edge of a bullish rally after retesting the previous resistance as support, or a breakdown that takes the memecoin to lower prices.

“Will SHIB hold above neckline support, or will we need to drop the letter ‘B’ and adopt a different letter that comes later in the alphabet?”

Image
Source: Peter Brandt/Twitter

At time of writing, SHIB is trading at $0.000013, up 5% in the last seven days and still above the pattern’s neckline.

Looking at Bitcoin, the seasoned trader says that the largest crypto asset by market cap completed a bearish rising wedge pattern and is now vulnerable to seeing lower prices.

“For all practical purposes the target of the rising wedge in Bitcoin BTC has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet.”

Image
Source: Peter Brandt/Twitter

Last week, Brandt warned crypto traders of a possible crash after spotting that Bitcoin was printing the bearish pattern.

At time of writing, Bitcoin is changing hands for $21,544, down about 10% on the week.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens/karnoff

Leave a Reply

Your email address will not be published. Required fields are marked *

doctors x videos bustyporntube.info tamana hot photos animal free mp3 download tubepatrol.sex 4kpron xvideoskerala sexo-vids.com maa bete ki sexy momo bnha hentai hentairay.com eye hentai نيك في السجن pornucho.com نيك في الجيم mobilexshare fuckholetube.com xossip aunties beeg hd sex blackporntrends.com www.indiansex videos.com xnxx tamil college girls mybeegsex.mobi gandi blue film bp picture video mein newcooltube.mobi kashmiri hot girls xnxx sex vedioes erosexus.info beeg' mom forced xnxx indaporn.info pela peli مواقع سكس هندي bombaporno.com زب مراهق politician mms goratube.mobi gokak sex video كلاسيك سكس porno-izlerim.org لحس كس مثير tere bina jeena saza bigassporntrends.com desi xossip